Evolve's Open Banking business: fintech partners and accounts

analysisEvolve started its Open Banking business in 2017, offering fintech partners API banking so that they could build its banking services into their own platforms, and later added payment processing, compliance management and lending services. The Federal Reserve's 2024 order describes the strategy as offering deposit accounts and payment processing to fintech partners, which in turn offer financial products to end users. In its 2024 Investor Relations kit the bank says fintech apps can issue 'vAccounts' to users while Evolve holds the funds in its 'stored value ecosystem'; it cites principal membership of Visa and Mastercard and $8 billion of total bank and custodial assets, undated marketing figures that include custodial assets outside the balance sheet. Senators noted that the bank's assets grew from $451 million at the end of 2019 to $1.75 billion three years later. ^{1 2 3 4 5 6}

analysisThe account terms that partners publish show how customers' money can move. Under the agreement published by Sila, the customer appoints the bank as agent to place funds at its discretion in a deposit or omnibus custody 'Sub-Deposit Account' in the bank's name, in its Trust Department or at other insured banks, with ownership recorded only in the bank's books; Dwolla's version of the terms, last updated August 1, 2021, adds that the other bank's records are in Evolve's name as agent or custodian. B9's 2026 agreement places customers in a 'Bank Deposit Custodial Program' whose sub-deposit accounts are obligations of the program banks, not of Evolve or B9. Melio holds master accounts at Evolve and other banks titled for the benefit of its customers and instructs the banks on moving the funds. ^{7 8 9 10}

analysisDave Inc. has had a Bank Services Agreement with Evolve since July 13, 2020, under which the bank issues and maintains deposit accounts and sponsors debit and ACH access while Dave keeps the ledger needed for pass-through deposit insurance. Affirm says Evolve is the single issuing bank for the Affirm Card under a loan program agreement that renews each year. Marqeta announced a partnership in 2022 for card programmes, although its 2025 report names Sutton Bank, not Evolve, as its main issuing bank. Stripe says Stripe Treasury funds are held at Evolve and Goldman Sachs Bank USA, and the fintech Arc described start-ups' funds held in treasury accounts at Evolve. Airwallex's U.S. agreement lets Evolve provide domestic payment services to Airwallex customers, Branch's Branch Account has included an Evolve deposit account since January 2020, and EarnIn's Early Pay requires a deposit account at Evolve or Lead Bank. Usio used Evolve as sponsor bank for PINless debit processing from 2018 until TransPecos Bank took over in 2023. ^{1 2 3 4 5 6 7 8 9 10 11 12 13}

analysisThe bank's own lists changed over time. Its 2023 kit showed Branch, EarnIn, Melio, Prizepool, Sila, Stripe and Uphold; the 2024 kit showed Affirm, Airwallex, Bond, Branch, Dave, Marqeta and Melio; and the partnerships page in the retained website copy lists Airwallex, Affirm, Branch, EarnIn, Flute, Luqra, Marqeta, Mastercard, Melio, Netevia, Rain, Split Pay, Step, TabaPay, Visa and VIVA Finance, without distinguishing card networks, programme managers and fintech programmes. Its news page lists an item on Coinstar expanding a transfer-to-account service with TabaPay and Evolve. ^{14 15 16 17}

analysisA fintech industry newsletter reported in February 2026 that major programmes, including Mercury and Dave, had left the bank, cutting its deposit and referral fee revenue by 66%, and that the teen app Step, the cash-advance app B9 and the middleware platform Mbanq still worked with it; Mercury had announced in March 2025 that it would move customers to Column N.A. and Choice Financial Group. A bank spokesperson told a business magazine in March 2025 that Evolve remained focused on strengthening existing relationships and exploring new ones with established fintechs. Dave's 2025 report says all new members are opened at Coastal Community Bank and that it expected substantially to finish moving existing members there by the end of 2026, though most accounts were still at Evolve. ^{1 2 3 4}

analysisOn April 29, 2026 Coastal Community Bank signed a non-binding term sheet with Evolve to acquire the assets and deposits of a diverse set of its BaaS programmes, subject to due diligence, definitive agreements and regulatory approval. On Coastal's July 30, 2026 earnings call, according to a market-news summary, its chief executive said it was no longer actively pursuing the acquisition. ^{5 6}

analysisIn April 2025 a putative class of Dave customers sued Dave and Evolve in Los Angeles, alleging violations of the Military Lending Act and the Truth in Lending Act; after the federal court refused to dismiss the case or compel arbitration, Dave and Evolve jointly appealed to the Ninth Circuit in December 2025 and the case was stayed. These are the plaintiffs' allegations, with no ruling on the merits. In December 2024 the CFPB sued Walmart and Branch over Branch Accounts, which include an Evolve deposit account, opened for delivery drivers; Evolve is not a defendant. Senators wrote in 2025 that Evolve had also partnered with SoLo Funds and Branch, two fintechs sued by the CFPB. ^{1 2 3 4}